AustralianSuper and LUCRF Super aim to finalise the merger by the end of the 2021/22 financial year, according to an announcement.
Both industry superannuation fund boards had approved a heads of agreement as the two funds continued advanced discussions. This followed due diligence completed by both funds.
LUCRF Super chief executive, Charlie Donnelly, said: “A successfully completed merger with AustralianSuper will provide LUCRF Super members with market leading capabilities that will provide high performing investment products and quality services”.
Also commenting, AustralianSuper chief executive, Paul Schroder, said the fund remained focused on helping members to achieve their best financial position in retirement.